The State Bank of Vietnam will propose a mechanism for a national digital currency

The State Bank of Vietnam will propose a mechanism for a national digital currency. On December 20, the State Bank of Synthetic Team announced that it had published an implementation plan to implement the Prime Minister’s resolution approving the project to develop cashless payments in Synthetic Team for the period 2021-2025.

In particular, under this plan, the State Bank Vietnam will review a number of payment-related provisions in a number of current legislative documents and propose changes and additions.

Research and develop a bill on payment systems that will ensure compatibility and compliance with the provisions of the State Bank Act, the Credit Institutions Act, the Money Laundering Prevention and Control Act.

Completion of the formulation and promulgation of a decree replacing Decree No. 101/2012 / ND-CP of November 22, 2012 on cashless payments and development of guidance documents.

In particular, the state bank will develop a decree on a mechanism for the controlled audit of financial technology (fintech) activities in the banking sector and submit it to the government for promulgation; Research and propose mechanisms and guidelines for the national digital currency.

Promotion of e-payment in the government sector, public administration services: coordination to complete the connection between electronic payment infrastructure of payment service providers, payment intermediaries, payment system National electronic invoicing between banks, financial exchange and electronic clearing system with the infrastructure of taxation, customs and tax offices to meet the requirements of the Coordination of revenue and expenditure of the state budget in the cashless payment system to serve.

At the same time, strengthen the connection between payment service providers and payment intermediaries with the National Public Service Portal, the electronic one-window system of ministries, branches, municipalities, agencies and departments, in order to simplify procedures and facilitate the electronic payment of fees and charges, payment from electricity and water bills, tuition and hospital fees; Connect and share information with schools, hospitals, electricity, water, sewage, telecom, postal companies in urban areas to collect tuition, hospital fees, utility bills … through cashless payment method.

Strengthening the inspection, inspection, monitoring, ensuring the security and application of international standards in payment transactions: creation of tools for the collection and analysis of monitoring information for automation, creation of a database with monitoring objects; improve the effectiveness of supervision in order to identify and prevent risks and risks that arise; Research and application of international standards in the assessment and monitoring of payment systems.

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